About the Customer
Claroty empowers industrial, healthcare, public sector, and commercial organizations to secure all cyber-physical systems in their environments – known as the Extended Internet of Things. Its unified platform integrates with existing infrastructure to provide controls for visibility, risk management, threat detection, and secure remote access.
The company was launched out of the famed Team8 foundry in 2015, and thus far has raised $735 million in funding. Its primary verticals are Industrial, Healthcare, Commercial, and the public sector. Clients include the Federal Government, and leading public and private entities worldwide.
The Challenge
Evolving regulations and an expanding lease portfolio
Managing complex regulatory issues and accounting standards across various geographies has always been challenging for Claroty. The new ASC 842 lease accounting standards further complicated matters, compelling the Finance team to reassess their approach.
The team, responsible for regions like APAC, EMEA, and the U.S., dealt with leases in Israel, the U.S., the UK, and Singapore. Managing these leases consumed significant time and manual effort, pulling resources and focus from strategic tasks. Plus, there was a constant concern about compliance issues. Getting a comprehensive overview of all leases, including crucial details like payment amounts and dates, was proving to be difficult without examining each lease individually.
As the business and lease portfolio grew, traditional lease management methods became inefficient and risky, making an automated lease accounting solution essential.
The Process
After extensive market research and engaging with multiple providers, Claroty chose Trullion’s automated lease accounting product. The decision was driven by several factors. First, Claroty notes the outstanding service and support from the Trullion team in helping answer questions and providing ongoing support. Additionally, Trullion’s cutting-edge technology stood out from the pack of existing options on the market. It was a combination of the robust nature of the product with the confirmation from other satisfied customers that sealed the deal for Claroty. Once the team started its onboarding, they experienced an easy, seamless, and non-disruptive process.
The Solution
With Trullion, the Claroty Finance team found their work much less cumbersome. They could upload multiple contracts, use Trullion’s features to understand accounting treatments, and provide valuable input to management. Trullion’s AI easily scanned contracts to extract important information like lease terms, payments, start dates, and end dates.
A broader financial tool with huge time savings
Before Trullion, Claroty relied on Excel spreadsheets to summarize rent payments and terms—a time-consuming and frustrating process. Ron Kariv, Controller at Claroty, explains, “What’s unique about the Trullion system is that I don’t need to dive into contracts; it shows me the specific details I need, like monthly payment schedules and contract terms. This feature is incredibly helpful not just for accounting, but also for analyzing cash flows and forecasting expenses for the next quarter or year.”
A game-changer for compliance
Trullion’s automation not only reduces the chance of errors but, also, makes the audit process much simpler. Auditors now trust Claroty’s system for compliance due to its clear calculations and user-friendly data entry. Sharing information is straightforward too, allowing auditors to drill down into specific data directly from the system.
Conclusion
Claroty, a leading cybersecurity provider, chose Trullion to handle its complex lease accounting needs. Trullion’s AI-powered solution not only saved time and eliminated manual work, but also ensured accuracy, compliance and an easier audit process. Kariv highlights, “The account management team is very responsive and always tries to help and customize relevant solutions.”
